Defining the Recession

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The New York Times writes there is no official definition of a recession, and no official body to announce when one starts or ends. Still, recessions are often described as two or more quarters of a declining gross domestic product (GDP).

The National Bureau of Economic Research, a private, non-partisan group based in Cambridge, Mass., does not define a recession based on declining GDP.

“Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” – National Bureau of Economic Research

The NBER says the latest recession began December 1, 2007 and ended in June 2009.

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August 7, 2012

In Lean Times, Lumber Companies Look Abroad

Lately, StateImpact has reported a series of stories on the timber industry. We’ve reported on a Montana entrepreneur’s effort to start up a small mill in Emmett, Idaho with the help of federal stimulus funding. We’ve also considered the divergent economic realities of counties associated with agriculture and counties associated with the timber industry. Next up: […]

July 31, 2012

Flights Aren’t The Only Thing Going Up, Up, Up At The Boise Airport

The combination of high fuel prices and diminished ridership in the wake of the recession has left airlines struggling to boost profit margins. Now, data from the Bureau of Transportation Statistics show that airfares in and out of Boise have gone up by more than 10 percent since last year. The 10.6 percent hike in […]

Idaho’s Quarterly Economic Forecast Places Growth On Old Industries

Idaho’s chief economist predicts the state will remain in growth mode over the next few years, but the rate of that growth has been ratcheted down. The Division of Financial Management’s quarterly economic forecast, authored by chief economist Derek Santos, lays out employment and sector growth through 2015. The latest report estimates Idaho will continue […]

July 27, 2012

Better Late Than Never: Housing Sector Contributes To Growth

On the heels of the bad news that the U.S. economy expanded at an annual rate of only 1.5 percent from April through June, there’s this observation from The Wall Street Journal today: housing is finally contributing to economic growth. The housing bubble is a large part of what got the U.S. into its economic […]

July 26, 2012

Why New Home Sales Have Slowed In Boise

New home sales took a dive in June, falling by more than 8 percent nationwide. That’s according to a report out this week from the Commerce Department. But that national trend doesn’t hold as true in the Boise area, which accounts for a large number of Idaho’s new home sales. According to data from the […]

July 25, 2012

Report: Economic Insecurity On The Rise For Idaho Kids

Nearly a third of Idaho children live in households where neither parent has a secure, full-time job. That’s according to a new report from the Annie E. Casey Foundation. Relying on 2010 data, the Kids Count numbers show an increasing percentage of Idaho children live in households where neither parent has reliable work — 31 […]

July 12, 2012

Idaho Housing Market Shows Steady Improvement

RealtyTrac’s midyear foreclosure report gives emphasis to the mantra we’ve been hearing all year about Idaho’s housing market: it’s improving. Idaho still clocks in at 16th on the housing data provider’s ranking of states’ foreclosure rates. But RealtyTrac’s numbers show the state’s rate fell by more than 10 percent from April through June, and by […]

July 3, 2012

Boise’s Recovery Earns Strong Marks, But There’s A Catch

Boise earned sixth place in a recent ranking of cities’ economic recoveries, a strong finish that’s based largely on improvement in local home prices. The Brookings Institution’s Metro Monitor sizes up the turnaround in the nation’s 100 largest metro areas based on four indicators: employment, unemployment, output and house prices. It focuses on how much […]

June 27, 2012

Horizon Air Chief In Boise As City Leaders Focus On Air Service

Early this year, Boise business leaders turned their attention to securing and maintaining strong air service in and out of the city. To that end, the Boise Metro Chamber of Commerce established a new travel committee, and made preserving and attracting air service its chief focus. Flight availability, they said, is key to business recruitment […]

June 21, 2012

Idaho Spends Less On Public School Students Than 48 Other States

Idaho spent $3,500 less than average on each public school student in fiscal year 2010 according to new Census data released today. On average, public school systems across the U.S. spent $10,615 per student, while Idaho spent $7,106 from 2009-2010. That puts Idaho among states spending the least on elementary and secondary public school kids. […]